Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Historic Apartments in Downtown Marion Title is generated by Realmo AI

    215 E 3Rd Street, Marion, IN 46952

    View on Map
    Claim this Listing
    New
    For Sale
    $2,500,000

    Apartment Building - Marion, IN

    Property size:
    7,053 SF
    Lot size:
    0.40 Acres
    Price / SF:
    $354/SF
    Added:
    May 11, 2026
    Days on Market:
    2
    Last Refresh:
    May 12 at 8:06 am

    Property Features for 215 E 3Rd Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    33
    Bathrooms
    24
    Rooms
    Basement, Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bathroom 5, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
    Security features
    Fire Sprinkler System
    Exterior features
    Alarm System-security, Detector-smoke, Elevator, None
    Basement Y/N
    1
    Accessibility
    Accessible Elevator Installed
    Appliances
    Dishwasher, Garbage Disposer, Microwave, Range, Washer
    Standard status
    Active
    APN
    27-07-06-401-037.000-002
    Size
    7,053 SF
    Lot size
    0.40 Acres

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Floors in Building
    4
    Number of units
    33
    Flooring type
    Tile, Wood
    Building materials
    Brick
    Architectural style
    Other

    We can help!

    Listing Contact
    Derek Eisenberg

    Listing agent Derek Eisenberg

    Listing office Continental Real Estate Group 259 Kinderkamack Rd., Hackensack, IN

    Listing date May 11, 2026

    MLS# 202617624 Listing URL

    Copyright © 2026 Upstate Alliance of REALTORS® Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Prime downtown location in the Riverfront District, near YMCA, restaurants, and businesses
    • Liquor license available for basement bar/restaurant space
    • Mix of unit types: 2‑bedroom, 1‑bedroom, and studio apartments, plus an office space
    • Furnished 1- and 2‑bedroom apartments available for short‑term or extended stay rentals
    • Building features an elevator and accessible elevator installation
    • Security features include an alarm system and smoke detectors

    Overview

    Located in downtown Marion, this historic apartment building offers a mix of residential and commercial spaces. The property includes eleven 2-bedroom units, eleven 1-bedroom units, one studio apartment, and one office space. Four of the 1-bedroom apartments and one of the 2-bedroom apartments are furnished and suitable for extended stay or short-term rentals. The basement provides an opportunity for a bar or restaurant, with a liquor license available. Situated in the Riverfront District, the apartments are near the YMCA, local restaurants, and small businesses. The building has a total area of 7,053 square feet and is located on a 0.4-acre lot.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Zeekz Tree Services Landscaping

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Marion
    County
    Grant
    State
    Indiana
    Longitude
    -85.657658
    Latitude
    40.559089

    Nearby Similar for Sale

    • $375,500

      Restaurant/Bar with Apartments and Patio

      Restaurant/bar with apartments, liquor license, patio, and parking.
      117 S Branson Street, Marion, IN 46952
      View Details
    • $94,900

      High Traffic Location Office Building

      Professional office building with high visibility and ample parking.
      1328 W 2ND Street, Marion, IN 46952
      View Details
    • $90,000

      Former Church with Finished Basement

      Open concept building, full finished basement, corner lot.
      324 W 10th Street, Marion, IN 46953
      View Details
    • $229,900

      Retail and Service Property

      Retail front and service area with recent upgrades.
      2021 S Western Avenue, Marion, IN 46953
      View Details
    • $100,000
      1,560 SF

      All-Brick Duplex in Marion, Indiana

      Low-maintenance, single-level duplex with two units ready for immediate cashflow.
      3625 S Landess Street, Marion, IN 46953
      View Details
    • $28,500
      1,089 SF

      Commercial Building with Restaurant Potential

      1,089 SF commercial building suitable for restaurant or bar.
      2402 S Home Avenue, Marion, IN 46953
      View Details
    • $104,000
      780 SF

      All-Brick Duplex in Marion, IN

      Low-maintenance, all-brick duplex with two units for immediate cash flow.
      3627 S Landess Street, Marion, IN 46953
      View Details
    • $62,900

      Marion Duplex For Sale

      Income-generating duplex with month-to-month tenants in Marion, Indiana.
      702 W 6th Street, Marion, IN 46953
      View Details
    • $425,000

      Marion, IN Vacant Land

      Vacant land approved for gas stations, restaurants, and hotels.
      45 S 600 E Street, Marion, IN 46953
      View Details
    • $325,000
      33,315 SF

      Downtown Marion Office Building

      33,315 SF office building in Marion's central business district.
      131 N Washington St, Marion, IN
      View Details
    • $525,000
      10,600 SF

      Retail/Office Building For Sale

      83% occupied retail/office building with leases in place.
      1001 N Western Ave, Marion, IN 46952
      View Details
    • $75,000
      2,048 SF

      Marion Duplex with Income Potential

      Charming duplex in Garfield neighborhood, ideal for investors.
      1103 West 5th Street, Unit 1103, Marion, IN 46953
      View Details

    FAQs

    What type of property is this?
    Apartment building - Unique apartments in Marion's Riverfront District with bar/restaurant potential.
    Where is this apartment building located?
    The property is located at 215 E 3Rd Street Marion, IN.
    What is the asking price?
    The asking price for this property is $2,500,000.
    What are key features of this property?
    This property features: Prime downtown location in the Riverfront District, near YMCA, restaurants, and businesses; Liquor license available for basement bar/restaurant space; Mix of unit types: 2‑bedroom, 1‑bedroom, and studio apartments, plus an office space
    (201) 803-5250
    We can help!
    Listing Contact
    Derek Eisenberg
    Real Estate License ID: WV0027792
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    215 E 3Rd Street, Marion, IN 46952-4077
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!